News & Resources

More evidence that ID theft is out of control

Nov 06, 2013 Dave King

In recent years, identity theft has largely spun out of control in the United States, as hackers and other criminals continue to successfully steal sensitive information and use it against their victims. Although the federal government and many law enforcement entities have increased efforts to minimize the crime, businesses remain in the best position to reduce threats by incorporating strong ID verification policies.

The Star Tribune recently reported that a major case of identity theft has finally come to a close in Twin Cities, Minn., where a scheme led to the theft of more than $2.5 million from victims. Like many other identity theft schemes, this one took place under the radar for several years, spanned across a variety of states and was perpetuated by multiple criminals.

According to the news provider, officials believe that this was one of the more complex and sophisticated identity theft rings to date, while hundreds of victims were left in the wake of the crime. Federal officials found that six ringleaders employed roughly 100 accomplices to break into homes and businesses, steal insider information, hack into databases that stored sensitive data and much more.

The source explained that the hammer was thoroughly brought down on the leaders of the ring, as well as their many accomplices, with the leader receiving a 25 year prison sentence for his involvement.

Businesses need to prepare for the threat of identity theft more proactively today than in the past, as many companies do not fully comprehend the threat until it is far too late to make the necessary adjustments. Employees should be taught how to follow internal ID verification standards, while managers should be heavily involved in the oversight and management of sensitive data or financial accounts.